JOBS Act 3.0 Passes House with Massive Bipartisan Support

By at 18 July, 2018, 8:31 am

Small Business Insider

On July 17, the SBE Council supported JOBS and Investor Confidence Act (JOBS Act 3.0) passed by a vote of 406-4. JOBS Act 3.0 is a package of bipartisan bills that will improve the competitiveness of U.S. capital markets and directly help entrepreneurs and small businesses access the capital they need to start businesses, scale their firms and more effectively compete and expand in the growing economy. SBE Council has been active in supporting many of the bills, some over the course of several congressional sessions, and the big bipartisan show of support is a big win for entrepreneurs and small businesses.  In a letter to all U.S. House Members prior to the vote, SBE Council president & CEO Karen Kerrigan noted:

“JOBS Act 3.0 is a powerful package of bills that will modernize various securities rules, reduce red tape, and fix barriers that will improve access to capital and the capital markets. The package will encourage higher levels of capital formation, which in turn will boost U.S. entrepreneurship and help finance America’s most promising small firms and their innovations.”

The letter listed the specific bills that are important to SBE Council and in media release prior to the House vote, Kerrigan outlined further why the reforms embedded within JOBS Act 3.0 are immediately needed:

“From clarifying regulations to make sure that startups can connect with investors at ‘demo days’ and networking events; to establishing ‘venture exchanges,’ which would provide a tailored trading platform for small issuers and emerging growth companies (EGCs); to extending existing regulatory relief to EGCs so these firms can use their capital for investment, growth and hiring rather than excessive compliance costs, JOBS Act 3.0 focuses on key pain points in the regulatory process, and provides new solutions and directs research so that our capital markets are the most modern and efficient for entrepreneurs and investors alike.”

Kerrigan also applaud the resolve of House Financial Services Committee Chairman Jeb Hensarling, the support of Ranking Member Maxine Waters, and the collaborative bipartisan work of all Financial Services Committee members for their ongoing efforts to see that entrepreneurs and small businesses have the capital they need to succeed.

Now the Senate must act! SBE Council has been working with various Senate offices as well as Senators to advance this robust effort. Our efforts are emboldened by the strong 406-4 House vote. Kerrigan said now is the time for the Senate to take action:

“All Senators I talk to say they care about access to capital for entrepreneurs and small businesses, and JOBS Act 3.0 is their opportunity to put meaningful action behind those words.”

Over the past several months SBE Council has testified before the U.S. House on the need for a JOBS Act 3.0 effort and before the U.S. Senate on specific capital access bills.  See Kerrigan’s testimony before the House Financial Services Committee (June 20, 2018) on “Empowering a Pro-Growth Economy” here.  See SBE Council chief economist Ray Keating’s testimony before the Senate Banking Committee (June 26, 2018) on “Legislative Proposals to Increase Access to Capital” here.

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